@cryptonewsen.base.eth
Crypto Protocol Balancer Hit by $128 Million Hack
Hackers stole $128 million from decentralized finance protocol Balancer, Bloomberg reported Monday (Nov. 3), citing findings from security researchers at PeckShield and Cyvers.
Balancer confirmed the exploit in a post on the social platform X, saying its engineering and security teams are investigating the incident with “high priority.”
The ongoing drain likely stems from a compromise of access control mechanisms within the protocol, allowing the attackers to manipulate balances directly,” Cyvers CEO Deddy Lavid said in a message, per Bloomberg. “The Balancer team is still attempting to re-establish control, which explains why the exploit continues.”
Balancer, which has been active since 2020, holds more than $350 million in value in Ethereum alone, The Block reported Monday
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